Global Ag News For June 23.2025

TOP HEADLINES

Divided US appeals court allows Biden-era biofuel rule to stand

• Court finds EPA’s climate analysis arbitrary, sends rule back for review
• Environmental groups argue EPA used outdated study on emissions
• Judge Katsas dissents, calls rule deeply flawed

A federal appeals court declined to throw out the U.S. Environmental Protection Agency’s renewable fuel standards for 2023 to 2025 on Friday, even as it concluded regulators failed to adequately assess the potential effect the rule would have on climate change and endangered species.

A 2-1 panel of the U.S. Court of Appeals for the District of Columbia Circuit largely rejected challenges by environmental groups, refiners and a renewable fuel producer to fuel volume requirements that the EPA set in 2023 for corn ethanol and other biofuels during former Democratic President Joe Biden’s tenure.

The requirements increased the amount of biofuels that oil refiners must blend into the nation’s fuel mix and set finalized biofuel blending volumes at 20.94 billion gallons in 2023, 21.54 billion gallons in 2024 and 22.33 billion gallons in 2025.

The panel’s majority found merit only in challenges filed by two environmental groups, including the Center for Biological Diversity.

They argued the EPA failed to adequately explain why it relied on an outdated study when addressing greenhouse gas emissions associated with crop-based biofuels and contended the U.S. Fish and Wildlife Service did not adequately explain its conclusion that the rules would have no effect on endangered species.

The panel’s majority agreed, finding that the EPA’s analysis of the effects of the rule on climate change under the Clean Air Act was arbitrary and that the Fish and Wildlife Service failed to explain why it concluded there would be “no effect” on habitats if land is converted to grow corn and soybeans.

U.S. Circuit Judges Cornelia Pillard and Michelle Childs, both appointees of Democratic presidents, nonetheless declined to vacate the rule and instead sent it back to the EPA for further consideration, saying tossing it could be “highly disruptive.”

Maggie Coulter, a lawyer at the Center for Biological Diversity, in a statement called the ruling a “big win,” saying the agencies would now need to fully assess the renewable fuels program’s harms to protected species and habitat.

The EPA did not respond to requests for comment.

U.S. Circuit Judge Gregory Katsas, who Republican President Donald Trump appointed in his first term, dissented and said he would have set the rule aside, saying “the requirements are more deeply flawed than my colleagues recognize.”

He said the EPA considered only how much renewable fuel the industry could produce, without considering the costs and benefits of possible alternatives.

 

FUTURES & WEATHER

Wheat prices overnight are down 1/2 in SRW, up 1/4 in HRW, up 3/4 in HRS; Corn is down 4; Soybeans down 2; Soymeal down $1.90; Soyoil up 0.46.

Markets finished last week with wheat prices up 23 3/4 in SRW, up 24 in HRW, up 12 1/4 in HRS; Corn is down 5 3/4; Soybeans up 4; Soymeal down $7.00; Soyoil up 4.37.

For the month to date wheat prices are up 34 3/4 in SRW, up 32 in HRW, up 20 1/4 in HRS; Corn is down 1 1/4; Soybeans up 32; Soymeal down $12.50; Soyoil up 7.91.

Year-To-Date nearby futures are up 2.9% in SRW, up 0.8% in HRW, up 7.3% in HRS; Corn is down 7.6%; Soybeans up 6.9%; Soymeal down 8.2%; Soyoil up 38.0%.

Chinese Ag futures (SEP 25) Soybeans up 5 yuan; Soymeal down 28; Soyoil down 32; Palm oil down 40; Corn up 5 — Malaysian Palm is up 7.

Malaysian palm oil prices overnight were up 7 ringgit (+0.17%) at 4125.

There were no changes in registrations. Registration total: 193 SRW Wheat contracts; 0 Oats; 78 Corn; 242 Soybeans; 863 Soyoil; 823 Soymeal; 419 HRW Wheat.

Preliminary changes in futures Open Interest as of June 18 were: SRW Wheat down 6,138 contracts, HRW Wheat up 874, Corn down 10,155, Soybeans up 6,070, Soymeal down 5,026, Soyoil up 2,995.

 

Northern Plains: Severe thunderstorms rocked North Dakota Friday night, producing a long stretch of wind and tornado damage that was close to being classified as a derecho but came up just short. Still, the damage is extensive. Additional strong thunderstorms moved through on Sunday across the east. There was meaningful rainfall in some drier areas, especially in Montana where drought has been the most intense in the region. Periods of scattered showers and thunderstorms will continue to move through the region through the weekend and could produce more meaningful rainfall while some areas get missed.

Central/Southern Plains: Some isolated showers moved through this weekend before a front moved into the Central Plains on Sunday with more widespread showers and thunderstorms into Nebraska. The front will remain stalled across northern areas for most of the week, continuing chances for showers and thunderstorms, but also some severe weather. Southern areas will get a fair chance to dry out, which would help the wheat harvest, though there may be some severe storms to deal with in the southwest this week as well. Those would be spotty. After a brief bout of very hot temperatures over the weekend, temperatures are falling below normal behind the front and near normal east of the front.

Midwest: Heat spread throughout the region over the weekend, and should have been beneficial for promoting growth for many of the wetter areas around the region. For those dealing with dryness, the heat could be labelled as damaging. A front is moving into the northwest and will continue to push across the Great Lakes early this week. This will be the focus for widespread showers and thunderstorms throughout the week. This will help to ease the heat across the north and west. Flow coming north from the Gulf will produce isolated showers across the south that could mean small areas of heavy downpours, but generally dry conditions as most areas get missed. The front will sag a little farther south this weekend while another front sweeps through early next week with more widespread showers and thunderstorms possible.

Delta/Lower Mississippi: Most areas were drier over the weekend, though some isolated showers did develop as the flow coming north from the Gulf was too much for the atmosphere not to produce storms. This will continue throughout the week. While most areas will see drier conditions that would help to drain soils and promote growth, some areas could see heavy downpours. A front will move into the region early next week and if it stalls, could produce more heavy rainfall potential.

Canadian Prairies: A storm system moved through over the weekend, bringing widespread soaking rainfall to Alberta and northwestern Saskatchewan, but scattered showers elsewhere. With how dry soils have been over the last month, the rainfall across the south and east has not been enough. More is going to be needed. Disturbances moving through this week could produce scattered showers while another system will move through Friday and Saturday that could produce more widespread precipitation. But even with these systems, showers should come via thunderstorm clusters that have a tendency on missing some areas. Even so, the rain that does fall will certainly be useful. Temperatures were cold this weekend behind the system and some patchy frost likely occurred in parts of Alberta. Colder temperatures early this week could continue that in some western areas on Monday and maybe Tuesday morning as well.

Brazil: Southern safrinha corn areas are maturing and do not need rainfall, which is now becoming more of a hindrance for harvest. However, any rainfall would be generally favorable for the state of Rio Grande do Sul for winter wheat establishment. A stalled front continued to produce rainfall for southern states, but will get pushed northward for Monday into much of central Brazil, producing unnecessary rainfall for safrinha corn. Temperatures behind the front will be cold and some frosts will be possible across the south for a couple of days early this week. That is unlikely to have much of an effect on either corn which is maturing or mature, or winter wheat development, which can handle early morning frosts without damage. Frosts may be possible in south-central Brazil’s specialty crops of citrus, coffee, and sugarcane though, which would have an impact.

Argentina: A few showers moved through southeast and far northern areas over the weekend, but most areas stayed dry. Colder temperatures moving into the region will produce frosts this week but have no impact on the corn and soybean harvests or winter wheat establishment.

Europe: Hotter and drier conditions over the past week have been largely favorable for dry down of winter crops and harvest, but has stressed some of the drier corn areas scattered throughout the continent. A couple of systems will pass through this week with showers across the north, but temperatures are largely forecast to stay above normal. Any areas that are dry or miss out on the showers this week could see additional stress developing.

Black Sea: Isolated showers moved through over the weekend and several systems will bring more this week, helping some lucky areas while others remain too dry. Wheat areas are too late to find much benefit in rainfall as the crop goes further toward or into maturity, but corn areas are still in need of a lot of rain. Cooler temperatures in the area could help to reduce the stress, though.

Australia: Many areas remain too dry as winter wheat and canola try to build roots over the winter. A front moving through the west brought some helpful rainfall Friday and Saturday, but is forecast to translate into spotty areas of rain in the drier east early this week with drier conditions likely following for a while. Much more rain is needed, but will be more critical in another month or two as wheat gets into its reproductive stages.

China: Central and northeast China largely stayed dry over the weekend while monsoon rains continued across the south. A system will come through mid-late week with scattered showers on the North China Plain, which will slow the wheat and canola harvest, but would be beneficial if they occur for corn and soybean development. The North China Plain continues to be very dry overall and in need of rain while the northeast is enduring some short-term dryness from favorable weather earlier. Systems may be more frequent next week and that would certainly be helpful for developing corn and soybeans.

 

The player sheet for 6/20 had funds: net sellers of 1,000 contracts of SRW wheat, sellers of 6,000 corn, sellers of 4,000 soybeans, buyers of 1,500 soymeal, and sellers of 3,000 soyoil.

TENDERS

• CORN SALE: Exporters sold 124,000 metric tons of U.S. corn to unknown destinations for 2025-26 delivery, the U.S. Department of Agriculture said.
• NEW CORN TENDER: Algerian state agency ONAB issued a new international tender to purchase up to 240,000 metric tons of animal feed corn
• FEED BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase up to 120,000 metric tons of animal feed barley.
• EGYPT EXPECTS FRENCH, EU WHEAT LOADINGS: Egypt expects wheat shipments from France and other European countries in the coming days and weeks, the state grain buyer said, as it pushes ahead with efforts to bolster the country’s strategic reserves and diversify supply sources.

PENDING TENDERS

• WHEAT TENDER: Bangladesh’s state grains buyer issued an international tender to purchase and import 50,000 tons of milling wheat.
• WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy up to 120,000 metric tons of milling wheat that can be sourced from optional origins, European traders said on Wednesday. The deadline for submission of price offers in the tender is June 24.

 

 

 

 

TODAY

US Cattle on Feed Placements Fell to 1.89M Head in May

Placements onto feedlots of capacity of 1,000 or more fell 7.8% from a year ago, according to the USDA’s monthly report.

• Analysts were expecting a drop of 6%
• The US feedlot herd as of June 1 were down 1.2% y/y to 11.442m head
• Cattle marketed from feedlots declined 10.1% to 1.758m head

 

US Sold 614.7K Tons of Soybeans Last Week; 1.06M of Corn: USDA

USDA releases net export sales report on website for week ending June 12.

• Soybean sales rose to 615k tons vs 120k in previous week
• All wheat sales rose to 427k tons vs 389k in previous week
• Corn sales rose to 1,059k tons vs 762k in previous week

 

US Export Sales of Soybeans, Corn and Wheat by Country

The following shows US export sales of soybeans, corn and wheat by biggest net buyers for week ending June 12, according to data on the USDA’s website.

• Top buyer of soybeans: Mexico with 160k tons
• Top buyer of corn: Japan with 366k tons
• Top buyer of wheat: Taiwan with 95k tons

 

US Export Sales of Pork and Beef by Country

The following shows US export sales of pork and beef product by biggest net buyers for week ending June 12, according to data on the USDA’s website.

• Mexico bought 16.2k tons of the 28.2k tons of pork sold in the week
• Japan led in beef purchases

 

Ukraine Grain Exports Drop 19% This Season to 40m Tons

Ukraine exported 40m tons of grains in season ending this month as of Friday, 19% less than a year ago, Agriculture Ministry says on website.

• The total includes:
  • 15.6m tons of wheat, down 14% y/y
  • 2.3m tons of barley, down 6% y/y
  • 21.6m tons of corn, down 24% y/y
• Exports in June so far reached 1.7m tons of grain, compared with 2.6m tons in the same period last year

 

CORN/CEPEA: Prices continue to move down in Brazil

Corn prices remain decreasing in the domestic market due to the perspective of high supply in the coming weeks, limitations in storage capacity and, especially, because purchasers are pressing values down.

Conab has estimated the second corn crop at 101 million tons, 12% more than the previous and the second highest in history.

Therefore, more significant price drops were verified in producing areas, where sellers are more flexible about quotations at the beginning of the harvesting. In Maracaju (MS and in Rio Verde (GO), for instance, values decreased 6.6% and 6.1%, respectively, between June 12 and 18.

On the average of the regions surveyed by Cepea, from June 12-18, corn values moved down 2% in the over-the-counter market (paid to farmers) and 1.5% in the wholesale market (deals between processors). In the same period, the US dollar decreased 0.8% against Real, at BRL 5.503 on June 18.

The ESALQ/BM&FBovespa Index (Campinas, SP) increased 0.6% between June 12 and 18, closing at BRL 68.07 per 60-kilo bag on June 18. After four days of price drops, the Index rose slightly on June 18, influenced by the delay of the second corn crop harvesting and the immediate needs from purchasers in the region.

 

SOYBEAN/CEPEA: International soy oil prices rise 15%; premium drops in Brazil

International values of soybean oil increased significantly this week because of expectations of high demand for the byproduct to produce biodiesel in the United States – soybean oil is the major raw material for biodiesel. Moreover, the conflict in the Middle-East reinforced the upward trend. Thus, the July/25 contract for soybean oil rose 15% from June 12-18 at CME Group.

The sharp valuation pressed down export premiums for soybean oil in Brazil. Moreover, the Brazilian demand for oil is low, due to the low demand from the biofuel sector.

The Brazilian value of soy oil moved down 0.8% between June 12 and 18, at BRL 6.224.93 per ton (in São Paulo city with 12% ICMS) on June 18.

As for soybean meal, the demand in Brazil is low, since many agents have inventories for the mid-term. On the average of the regions surveyed by Cepea, prices decreased 1.2% between June 12 and 18.

Concerning soybeans, international price rises sustained values in Brazil. Liquidity is low, and producers are avoiding to trade large volumes in the spot market.

The CEPEA/ESALQ Index (Paranaguá) increased 0.3% from June 12-18, closing at BRL 134.70 per 60-kg bag on June 18. The CEPEA/ESALQ Index (Paraná) rose 0.4% in the same comparison, to close at BRL 129.35 per 60-kg bag. On the average of the regions by Cepea, soybean prices in the over-the-counter market (paid to farmers) upped 0.4% and 0.7% in the wholesale market (deals between processors) in the same comparison.

 

India’s soyoil imports hit four-month low in June on port congestion

India’s soyoil imports in June are likely to fall by 18% from a month ago to the lowest level in four months, as congestion at a key port will lead to unloading vessels into July instead of June, industry officials told Reuters.

The world’s biggest importer of vegetable oils fulfils nearly two-thirds of its edible oil requirement through imports, and delays in unloading vessels could create a shortage in the local market and lift prices.

June soyoil imports are likely to fall to 325,000 metric tons, down from the earlier estimate of 400,000 tons, as congestion at Kandla port means a few vessels will now be unloaded in July instead of June, said Rajesh Patel, managing partner at GGN Research, an edible oil trader.

Kandla port in the western state of Gujarat accounts for a quarter of India’s total vegetable oil imports, as many nearby edible oil refineries prefer this port for their imports.

“Currently, edible oil vessels face waiting periods of 9-10 days. Based on the lineup of incoming vessels, this could escalate to 15-20 days,” said B.V. Mehta, the executive director of the Solvent Extractors’ Association of India (SEA).

The delays lead to heavy demurrage costs, which in turn increase overall import costs and drive up edible oil prices for consumers, Mehta said.

The congestion at Kandla is also affecting palm oil imports, but the impact on its supplies will be minimal as a large quantity is being discharged at ports in eastern India, said a New Delhi-based trader with a global trade house.

India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

 

Paraguay Trade Group Sees 2025 Soy Output Near 10M Tons

Paraguay probably harvested almost 10 million metric tons of soy this year after farmers recently finished bringing in the second crop, down from a record of more than 11 million tons in 2024, said Hugo Pastore, executive director of grain and oilseed export group Capeco.

• “It’s a reasonable year. I wouldn’t call it a good year. We have less production than last year and lower prices,” Pastore said in a telephone interview
  • Soy shipments have been sluggish because farmers are reluctant to sell due to low prices, and shipping was affected earlier this year by low water levels on the Paraguay River
  • NOTE: Argentina — home to a major soy crushing industry — purchased about 89% of the almost 3.6 million tons of soybeans Paraguay exported through May, according to central bank data
• Farmers probably planted wheat on approx. 460,000 hectares, with the harvest expected to yield 1 million tons: Pastore
• The second corn harvest is just starting as the crop needs more days of sun to finish its growth cycle: Pastore
  • “We expect 5 million tons” this year, he said.
  • NOTE: Last year’s corn crop was the lowest in more than a decade with production of about 3.2 million tons, according to data compiled by Capeco

 

Russia, Bahrain Discuss Creating a Wheat Export Hub, Putin Says

Russia, Bahrain plan to create hub for exports of Russian wheat, President Vladimir Putin says at the St. Petersburg International Economic Forum.

 

Iraq’s strategic reserves of wheat enough for 6 months, says trade ministry

Iraq’s Trade Ministry said on Sunday that the strategic reserves of wheat cover the country’s needs for six months.

 

Cargill buys soy crushing plant in Bahia after 27-year lease

Cargill has announced the acquisition of a soybean crushing, refinery and oil filling plant in Barreiras, Bahia, ending a lease agreement that had been in place since 1998. According to the company, the plant employs 250 people and produces soybean meal, pelletized hulls, degummed oil and refined oil under the Liza brand.

“We are very happy with the acquisition of the Barreiras plant,” said Paulo Sousa, president of Cargill in Brazil and of the Agricultural Business in Latin America, in a statement. “The initiative is in line with our growth strategy and strengthens our operation in the region, allowing us to continue investing to serve both our customers in the domestic market and those in the global soybean meal market,” he added.

The acquisition comes in the year that Cargill celebrates 60 years of operations in Brazil.

The company said that in the last five years it has invested R$8.1 billion in the country, where it has 29 factories, 75 warehouses, seven port terminals, two innovation centers and other logistics and industrial assets.

In 2025, Cargill also won the 35-year lease auction for the port terminal in Paranaguá (PR) and acquired the remaining 50% of the shares in SJC Bioenergia. The ethanol company was renamed Cargill Bioenergia and operates units in Quirinópolis and Cachoeira Dourada, in Goiás.

 

USDA develops potential plan to vaccinate poultry for bird flu

• USDA works with government, industry officials on vaccine plan
• US egg farmers push agency to approve vaccine
• Chicken meat producers worry about potential trade bans

The U.S. Department of Agriculture is considering a potential plan to vaccinate poultry against bird flu for the first time that includes evaluating how it would affect exports, the agency told Reuters this week.

The actions advance the government’s assessment of a vaccine after the USDA received proposals on usage from associations representing egg and turkey producers whose farms have been devastated by the virus. Nearly 175 million chickens, turkeys and other birds have been culled in attempts to contain outbreaks since 2022 in the nation’s worst animal-health emergency.

Losses of egg-laying chickens drove egg prices to records this year, prompting grocers to ration supplies, restaurants to hike prices, and food manufacturers to increase imports from countries including Turkey, Brazil and South Korea.

The USDA pledged to spend up to $100 million on research into vaccines and other therapies to combat bird flu after prices spiked.

Now, USDA and industry officials are pursuing a more solid, written plan to potentially show importers to gauge whether vaccinations would limit trading. Industry members expect the agency to complete the plan in July.

The USDA said this week that it is working with federal, state and industry officials to develop its potential plan and is engaging with trading partners.

“You need a more complete strategy and plan for them to consider,” said Dr. John Clifford, a former USDA chief veterinary officer who advises the USA Poultry & Egg Export Council.

Debates over potential vaccinations have pitted poultry producers against each other since widespread outbreaks in 2015.

Many egg and turkey farmers said they need vaccines to help protect flocks. But government officials and companies that produce chicken meat have worried that inoculations risk all types of U.S. poultry exports, if countries impose broad bans over concerns that a vaccine might mask the presence of the virus in flocks.

It would be devastating to chicken meat producers if importers halted trading, Clifford said. Such producers rely more heavily on exports than egg and turkey farmers, and they have not been hit as hard by the virus.

The USDA has spent more than $1 billion compensating farmers for culled flocks, according to the American Veterinary Medical Association, increasing costs for the epidemic.

“We can’t continue to operate the way we are today,” said Dr. Craig Rowles, a vice president at egg company Versova.

 

U.S. Gulf Urea Nitrogen Fertilizer Price Rises 15.7%

Nitrogen fertilizer, represented by U.S. granular urea sold at NOLA, rose 15.7% to $405 per short ton in the week ended June 20, according to Green Markets data compiled by Bloomberg Intelligence.

• U.S. Gulf NOLA urea dropped 13.8% during the last month and was up 5.74% during the last 3 months
• Major Urea nitrogen benchmark prices were mixed
• Shares of Yara International ASA and CF Industries Holdings Inc. were up, while Nutrien Ltd. was down in the latest week
• All major UAN nitrogen benchmark prices rose while UAN U.S. Gulf NOLA rose the most during the last week
• Major Ammonia nitrogen benchmark prices were unchanged
• Natural gas, which drives producer costs, has increased 11% during the last week and was up 3.1% during the last month
• The price of corn, a driver of fertilizer purchases, increased 0.4% during the last week and was down 1.4% during the last month

 

US Beef Production Falls 1% This Week, Pork Down: USDA

US federally inspected beef production falls to 480m pounds for the week ending June 21 from 485m in the previous week, according to USDA estimates published on the agency’s website.

• Cattle slaughter down 0.7% from a week ago to 554m head
• Pork production down 0.5% from a week ago, hog slaughter falls 0.4%
• For the year, beef production is 3.2% below last year’s level at this time, and pork is 1.7% below

 

 

 

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